I’m Hacked… You Benefit!

I am spitting mad about the “Cap and Trade” legislation that passed the House last week. This new hidden tax is going to hit the working class – our bread and butter clients – harder than anything the government has thrown at them in recent years.

Here’s what the Wall Street Journal had to say about it:

“Hit hardest would be the ‘95% of working families’ Mr. Obama keeps mentioning, usually omitting that his no-new-taxes pledge comes with the caveat ‘unless you use energy.’ Putting a price on carbon is regressive by definition because poor and middle-income households spend more of their paychecks on things like gas to drive to work, groceries or home heating.

The Congressional Budget Office – Mr. Orszag’s former roost – estimates that the price hikes from a 15% cut in emissions would cost the average household in the bottom-income quintile about 3.3% of its after-tax income every year. That’s about $680, not including the costs of reduced employment and output. The three middle quintiles would see their paychecks cut between $880 and $1,500, or 2.9% to 2.7% of income. The rich would pay 1.7%. Cap and trade is the ideal policy for every Beltway analyst who thinks the tax code is too progressive (all five of them).”

SORRY… THE SALE HAS ENDED!

3 Comments

Mike,
I’m with ya on this— it seems like BIG Government is out of control right now! We do have one chance and folks can contact their senators now to try to let their voices be heard. just google “contact a (yourstate) U.S. senator.

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I promise to shoot straight and tell the truth. It's what I've been doing since I wrote Small Dojo Big Profits in 2003, and it's what I'll keep doing. For the last decade I've written about how to earn a living teaching quality martial arts while running a small, profitable dojo. That's not going to change. You have my word on it.